Younger and digitally native investors are driving participation in through HDFC SKY platform, while more seasoned investors continue to dominate IPO participation on InvestRight, according to a report by HDFC Securities based on FY27 data from April to August 2026.
The report, which analysed IPO applications across HDFC Securities’ InvestRight platform and its discount broking app HDFC SKY, found a clear generational difference between the investor bases of the two platforms.
Investors data
Half of all IPO investors on HDFC SKY are below the age of 35, compared with just over a quarter on InvestRight, according to the report.
Self-employed individuals and business owners form the largest segment on both platforms, accounting for 49.5 per cent on InvestRight and 47.5 per cent on HDFC SKY. The report also noted a meaningfully higher share of students, pointing to a new cohort of first-time IPO investors.
About 86 per cent of HDFC Securities’ FY27 IPO applicants were repeat investors, indicating continued participation in the primary market, the report said.
HDFC SKY had a comparatively newer investor base, with nearly four in 10 IPO investors being first-timers, compared with roughly one in 10 on InvestRight.
HDFC SKY also accounted for close to two-thirds of new client additions in FY27, making it the larger client-acquisition engine. However, InvestRight continued to account for most clients who went on to apply for IPOs.
Ticket size gap
The average IPO application size also differed significantly between the two platforms. InvestRight investors invested roughly ₹3 lakh per IPO application on average, nearly 3.7 times the average ticket size of around ₹82,000 on HDFC SKY, according to the report.
Among HNIs, the average ticket size on InvestRight was around ₹13 lakh, compared with ₹3.4 lakh on HDFC SKY.
The report said the figures were consistent with InvestRight’s continued role among more affluent and experienced investors, while HDFC SKY was opening the door to smaller-ticket and first-time participation.
Gender participation remained broadly similar, with InvestRight IPO investors comprising 66 per cent men and 34 per cent women, while HDFC SKY investors were 68 per cent men and 32 per cent women.
The report also found a difference in city-tier participation. Tier-2 and Tier-3 cities together accounted for more than 70 per cent of IPO investors on InvestRight, with 33 per cent from Tier-2 and 37 per cent from Tier-3 cities. On HDFC SKY, Tier-1 cities accounted for 43 per cent, followed by 30 per cent from Tier-2 and 28 per cent from Tier-3 cities.
Institutional demand
Institutional investors continued to account for a significant share of IPO subscription value, according to HDFC Securities.
Qualified institutional buyers (QIBs) accounted for roughly 62 per cent of overall subscription value across a recent cohort of IPOs studied in the report. HNIs accounted for 29 per cent, while retail investors contributed 9 per cent.
Four of the six IPOs studied were dominated by QIB demand, with Rentomojo recording 177 times subscription and Karamtara Engineering recording 168 times subscription. Retail interest remained comparatively modest in these high-demand issues and was the dominant category in only one of the six IPOs studied.
Dhiraj Relli, MD & CEO, HDFC Securities, said the data showed that the IPO market was attracting younger, self-employed and digitally active investors on HDFC SKY, including those making their first IPO application, while InvestRight continued to serve a more seasoned investor base. He said both trends were relevant to investor education and product design going forward.